D.C. latest city to plan bid for 2024 Olympics

Washington, D.C., is the latest city to throw its hat in the ring for the 2024 Olympics. A group called D.C. 2024 was unveiled to explore the idea of the Olympics coming to the nation's capitol.

First, D.C. will have to beat out other U.S. cities in the eyes of the USOC. Dallas, Boston, Los Angeles and Philadelphia have all started the bid process.

But D.C. has some ground to make up to the other U.S. cities. They're months behind cities like Boston and Los Angeles and they have to work on experience and fundraising. In preparing a bid, cities bid to host international sporting events to show their readiness. Boston was recently awarded the 2016 figure skating world championships, which could be a key event in their bid. L.A. regularly hosts international events, and their 1984 Olympics ushered in a new era of Olympic host city success.

The United States bid on the 2012 and 2016 Olympics, and lost both times in embarrassing fashion. When it came time to bid for 2020, the United States decided to sit the bidding process out because of a now-resolved disagreement with the IOC over television revenues. The 2020 Olympics will go to Istanbul, Madrid or Tokyo, with the decision coming in just a few weeks.

New York and Chicago, the losing bid cities in 2012 and 2016, both declined to get back in the bid game. The costs to hosting the Olympics are part of the reason why. The USOC said it costs nearly $3 billion, which doesn't include the price of building new venues. Depending on what already is in place in a city, the true price is closer to $5 or 6 billion.